HÀ NỘI — Digital payments are emerging as one of the most dynamic drivers of Việt Nam’s economy, with the value of cashless transactions soaring to 26 times the country’s GDP and QR payments growing by more than 81 per cent in the first quarter of 2025.

At the Vietnam Card Day 2025 event held on Tuesday in Hà Nội under the direction of the State Bank of Vietnam (SBV), Tiền Phong Newspaper and the National Payment Corporation of Việt Nam (NAPAS) co-hosted a seminar themed One Touch, Millions of Trusts – Shaping the Future of Digital Payments. The discussion highlighted the critical role of digital payments in realising Việt Nam’s digital economy vision.

Editor-in-Chief of Tiền Phong Newspaper Phùng Công Sưởng said digital payments have become the bridge connecting people, businesses and government on a modern technological platform.

“Digital payment development is the cornerstone for building a cashless society and an inclusive financial system. Technologies such as artificial intelligence, big data and biometrics are improving convenience and security but also bring new challenges in risk management and data protection,” he said.

According to Deputy Head of Digital Channels at Vietcombank Trần Văn Thành, digital technology has become a key engine for Việt Nam’s economic growth.

“In 2024, cashless transactions in Việt Nam reached VNĐ295.2 quadrillion, equivalent to 26 times GDP. In the first quarter of 2025 alone, QR code payments increased by over 81 per cent,” he said, adding that the growing number of digital users and the adoption of e-wallets and mobile banking services are transforming payment behaviours nationwide.

From an economic policy perspective, Nguyễn Xuân Thành, Lecturer at Fulbright University Việt Nam, said finance has always been among the fastest sectors to adopt new technologies.

“Artificial intelligence (AI) is revolutionising financial services by enhancing efficiency, automation and fraud detection,” he said. However, he warned that AI also presents risks related to data use, algorithmic bias and cybersecurity. “Digital transformation is not just about technology. It is about people, leadership and a culture that embraces change.”

According to Director of the Payment Department under the SBV Phạm Anh Tuấn, a robust legal framework remains essential for ensuring safe, inclusive and innovative digital payment development.

“Digital transformation can only go far if the regulatory foundation keeps pace with innovation,” he said.

Tuấn noted that new laws on electronic transactions, data protection and credit institutions have established key conditions for expanding e-payments, e-KYC and open banking, while draft decrees on non-cash payments and the fintech sandbox mechanism will encourage more experimentation and partnerships between banks and fintechs.

From the market infrastructure side, NAPAS Deputy CEO Nguyễn Hoàng Long shared that NAPAS currently processes around 35–36 million transactions per day, connecting payment services to nearly one-third of Việt Nam’s population.

“We are expanding cross-border QR code payments to support trade and tourism. After connecting with China, we plan to extend QR interoperability to markets such as Japan, the Republic of Korea and Singapore,” he said.

Long added that ensuring system security and payment reliability remains the company’s top priority as transaction volumes continue to grow rapidly.

Speakers agreed that Việt Nam’s progress in digital payments reflects both technological innovation and public trust. As the country advances toward a cashless society, ensuring safety, privacy and transparency will be key to sustaining confidence among consumers and investors alike.

Editor-in-Chief Sưởng concluded: “Digital payments represent more than convenience. Each transaction, each ‘one touch,’ reflects millions of trust — the foundation for Việt Nam’s digital economy in the years ahead.” — VNS